Belmaco: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Belmaco
Largest movements
- Receivables within one year +€19,435
up €19,435 (+8.4%), from €231,735 to €251,170
of which Other amounts receivable: +€16,211
- Profit (loss) carried forward +€11,731
up €11,731 (+109%), from €10,748 to €22,479
- Trade debts +€6,431
up €6,431 (+41.0%), from €15,704 to €22,135
- Staff costs -€2,025
no longer reported in 2023 (was €2,025)
- Gross operating margin -€644
down €644 (-5.0%), from €12,921 to €12,277
- Taxes +€427
up €427 (+14.3%), from €2,987 to €3,414
- Financial income +€201
up €201 (+3.7%), from €5,469 to €5,670
From the 2022 result to the 2023 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €310,134 | €327,314 | +€17,180 | +5.5% |
| Fixed assets | 21/28 | €99 | €50 | -€50 | -50.0% |
| Tangible fixed assets | 22/27 | €99 | €50 | -€50 | -50.0% |
| Plant, machinery and equipment | 23 | €99 | €50 | -€50 | -50.0% |
| Current assets | 29/58 | €310,035 | €327,264 | +€17,229 | +5.6% |
| Stocks and contracts in progress | 3 | €75,925 | €72,692 | -€3,233 | -4.3% |
| Stocks | 30/36 | €75,925 | €72,692 | -€3,233 | -4.3% |
| Amounts receivable within one year | 40/41 | €231,735 | €251,170 | +€19,435 | +8.4% |
| Trade receivables | 40 | €119,770 | €122,995 | +€3,224 | +2.7% |
| Other amounts receivable | 41 | €111,965 | €128,176 | +€16,211 | +14.5% |
| Cash at bank and in hand | 54/58 | €2,375 | €3,401 | +€1,027 | +43.2% |
| Total equity and liabilities | 10/49 | €310,134 | €327,314 | +€17,180 | +5.5% |
| Equity | 10/15 | €113,729 | €125,461 | +€11,731 | +10.3% |
| Contributions | 10/11 | €24,790 | €24,790 | = | 0.0% |
| Capital | 10 | €24,790 | €24,790 | = | 0.0% |
| Issued capital | 100 | €24,790 | €24,790 | = | 0.0% |
| Reserves | 13 | €78,192 | €78,192 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Legal reserve | 130 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €75,713 | €75,713 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,748 | €22,479 | +€11,731 | +109% |
| Amounts payable | 17/49 | €196,405 | €201,853 | +€5,449 | +2.8% |
| Amounts payable within one year | 42/48 | €196,405 | €201,853 | +€5,449 | +2.8% |
| Financial debts | 43 | €21,532 | €21,528 | -€4 | 0.0% |
| Credit institutions | 430/8 | €21,532 | €21,528 | -€4 | 0.0% |
| Trade debts | 44 | €15,704 | €22,135 | +€6,431 | +41.0% |
| Suppliers | 440/4 | €15,704 | €22,135 | +€6,431 | +41.0% |
| Advances received on contracts in progress | 46 | €143,668 | €142,825 | -€843 | -0.6% |
| Taxes, remuneration and social security | 45 | €13,000 | €12,865 | -€135 | -1.0% |
| Taxes | 450/3 | €13,000 | €12,865 | -€135 | -1.0% |
| Other amounts payable | 47/48 | €2,500 | €2,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €2,025 | - | -€2,025 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50 | €50 | +€0 | +0.1% |
| Other operating charges | 640/8 | €1,088 | €1,173 | +€85 | +7.9% |
| Gross operating margin | 9900 | €12,921 | €12,277 | -€644 | -5.0% |
| Operating profit (loss) | 9901 | €9,759 | €11,054 | +€1,295 | +13.3% |
| Financial income | 75/76B | €5,469 | €5,670 | +€201 | +3.7% |
| Recurring financial income | 75 | €5,469 | €5,670 | +€201 | +3.7% |
| Financial charges | 65/66B | €1,494 | €1,579 | +€85 | +5.7% |
| Recurring financial charges | 65 | €1,494 | €1,579 | +€85 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €13,734 | €15,145 | +€1,411 | +10.3% |
| Income taxes | 67/77 | €2,987 | €3,414 | +€427 | +14.3% |
| Profit (loss) for the period | 9904 | €10,748 | €11,731 | +€984 | +9.2% |
| Transfer from tax-exempt reserves | 789 | €33,635 | - | -€33,635 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,383 | €11,731 | -€32,651 | -73.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.